Australian National Accounts: National Income, Expenditure and Product (Media Release)

MEDIA RELEASE

7 March 2012

Embargo: 11.30 am (Canberra time)

28/2012

Australian economy grows 0.4%

Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 0.4% in the December quarter 2011, after a revised increase of 0.8% in the September quarter.

The growth for the quarter was driven by a 0.5% contribution from final consumption expenditure, 0.3% contribution from inventories and 0.3% contribution from net exports. The increases were partially offset by a -0.2% contribution from dwelling investment and -0.2% contribution from business investment.

The industries that drove growth in the December quarter were Financial and insurance services and Manufacturing, each contributing 0.1% to growth in GDP.

The December quarter saw the Terms of trade fall 4.7%, the first fall since September 2009, This was reflected in Real gross domestic income, which declined 0.6% in seasonally adjusted terms for the quarter.

Further details can be found in Australian National Accounts: National Income, expenditure and Product (cat. no. 5206.0).

Media Note:
When reporting ABS data, the Australian Bureau of Statistics (or ABS) must be attributed as the source.

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